2009 (8) TMI 1215

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..... may note that the CIT in appeal reversed the aforesaid orders of the Assessing Officer and deleted the addition. The I.T.A.T in appeal preferred by the Revenue has confirmed the orders of the CIT(A). While doing so, the I.T.A.T has observed as under:- We have heard both the parties and perused the material available on record. From the assessment order as well as from the order of the Id. CI .....

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..... ty in the order passed by the Id. CIT(Appeals) deleting the addition. 2. The I.T.A.T had referred to the judgment of the Hon'ble Supreme Court in CIT v. Lovely Exports (P.) Ltd. [2008] 216 CTR 195 for the proposition that if the share application money is received by the assessee from the alleged bogus share holders, whose names are given to the assessing officer, then the department is f .....

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